چکیده:
Measuring performance in the decision-making process, given the development and importance of the role of the capital market, is one of the most important topics in the financial and economic fields; market economic value added is one of the criteria for measuring management performance. Therefore, testing the performance of financial criteria for evaluating firm performance, such as ROI, RI, ROS, EVA, and MVA, is considered a necessity. This article is the result of scientific research conducted by selecting a sample industry from the active and listed industries on the stock exchange over a five-year period—the information of which was available on the stock exchange. The most important goal of the present study, while explaining the theoretical basis of the measurement indices, is to test the performance of these indices and provide necessary evidence to assist capital market participants and enable logical evaluation of firm performance for decision-making. The results of the study show that there is a relationship between EVA and the studied financial variables such as EPS, P, and ROI. Additionally, the existence of a relationship between MVA with ROI, ROS, and RI has also been confirmed, and the results of the study show that the level of relationship between EVA and the variables is greater compared to the relationship between MVA and the variables.
خلاصه ماشینی:
Some of the financial criteria for evaluating the performance of enterprises that possess greater importance are: Return on Investment (ROI) 1, Residual Income (RI) 2, Return on Sales (ROS) 3, and Economic Value Added (EVA) 4; the latter criterion is considered one of the most important indicators for measuring performance; as "Brigham and Kpgay" 5 state that the underlying logic of Economic Value Added and its similar concept, namely Market Value Added (MVA) 6, has existed for years and has a high function in measuring economic performance, and the way this indicator is used today was developed and popularized by Joel Stern and Stewart and their consulting firm.
The present article—which is the result of a research study—has also addressed the investigation of the relationship between EVA and other variables and its comparison with other performance measurement methods such as MVA, ROI, ROS, and RI.
- "Sheida Mehrzadeh" 4 examined and explained the degree of correlation between performance indicators (ROI/ROS/RI/EVA) and market value added (MVA) in chemical industry companies listed on the Tehran Stock Exchange and concluded that, firstly, there is a significant relationship between the variables; secondly, the relationship of MVA with ROS, EVA with MVA, ROI and (1).
Sheida Mehrzadeh, "Research on the relationship between economic value added and financial variables of Tehran Stock Exchange companies", Islamic Azad University, Tehran Central Branch, (4831).
There is a significant relationship between Economic Value Added and EPS, P/E, DPS, P, ROI, ROS, RI of cement companies listed on the Tehran Stock Exchange.
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